Packaging Corp. of America (PKG) Research Coverage Started at Goldman Sachs Group Inc.
Research analysts at Goldman Sachs Group Inc. assumed coverage on shares of Packaging Corp. of America (NYSE:PKG) in a report issued on Thursday. The firm set a “sell” rating on the stock.
Several other equities research analysts also recently commented on the stock. Buckingham Research downgraded shares of Packaging Corp. of America from a “buy” rating to a “neutral” rating and upped their price objective for the company from $72.00 to $74.00 in a report on Monday, July 18th. Credit Agricole SA upped their price objective on shares of Packaging Corp. of America from $83.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Deutsche Bank AG upped their price objective on shares of Packaging Corp. of America from $75.00 to $77.00 and gave the company a “hold” rating in a report on Wednesday, August 10th. Jefferies Group reaffirmed a “buy” rating on shares of Packaging Corp. of America in a report on Thursday, July 7th. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Packaging Corp. of America in a report on Friday, July 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $77.50.
Shares of Packaging Corp. of America (NYSE:PKG) opened at 81.66 on Thursday. Packaging Corp. of America has a 1-year low of $44.32 and a 1-year high of $82.06. The stock has a 50 day moving average of $78.09 and a 200-day moving average of $68.53. The firm has a market capitalization of $7.62 billion, a P/E ratio of 17.35 and a beta of 1.71.
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Packaging Corp. of America (NYSE:PKG) last released its quarterly earnings data on Thursday, July 21st. The company reported $1.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.07. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.46 billion. Packaging Corp. of America had a net margin of 7.95% and a return on equity of 27.74%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 earnings per share. On average, equities analysts expect that Packaging Corp. of America will post $4.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 15th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.09%. This is a boost from Packaging Corp. of America’s previous quarterly dividend of $0.55. The ex-dividend date is Tuesday, September 13th. Packaging Corp. of America’s dividend payout ratio is 53.62%.
In related news, SVP Kent A. Pflederer sold 1,100 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $74.30, for a total value of $81,730.00. Following the transaction, the senior vice president now directly owns 34,623 shares in the company, valued at $2,572,488.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of PKG. Norges Bank bought a new position in Packaging Corp. of America during the fourth quarter valued at $57,976,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Packaging Corp. of America by 10.0% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 30,404 shares of the company’s stock valued at $1,836,000 after buying an additional 2,776 shares during the period. Boston Advisors LLC boosted its position in Packaging Corp. of America by 20.3% in the first quarter. Boston Advisors LLC now owns 25,615 shares of the company’s stock valued at $1,547,000 after buying an additional 4,325 shares during the period. IFP Advisors Inc boosted its position in Packaging Corp. of America by 10.6% in the first quarter. IFP Advisors Inc now owns 2,741 shares of the company’s stock valued at $166,000 after buying an additional 263 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in Packaging Corp. of America by 34.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 59,983 shares of the company’s stock valued at $3,623,000 after buying an additional 15,288 shares during the period. Institutional investors own 86.87% of the company’s stock.
About Packaging Corp. of America
Packaging Corporation of America (PCA) is a producer of containerboard and corrugated packaging products, and uncoated free sheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Company operates over eight mills and approximately 90 corrugated products manufacturing plants.
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